Why Ciena Surged 20.1% Last Week
Shares of optical networking specialist Ciena (NYSE: CIEN) climbed 20.1% last week, after the company reported its fourth-quarter results. In addition to the strong results, Ciena's hardware focus has probably been an advantage, as investors have been selling high-multiple software-as-a-service (SaaS) stocks and buying more cyclical yet profitable technology companies as of late.
In the fourth quarter, Ciena's revenue grew 25.7%, and adjusted (non-GAAP) earnings per share of $0.85 rose a whopping 41.7% over the prior year -- although, remember, this was above-trend growth lapping the pandemic. Still, profits were in-line, and revenue beat expectations.
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Source Fool.com
